Treasury note

91282CPE5 · 3.5% due October 31, 2027

Original term
2-Year
Maturity
Oct 31, 2027
Coupon
3.500%
Pays
Semi-Annual
Dated
Oct 31, 2025
First coupon
Apr 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$71.44bn
Held stripped
$9.6m
Share stripped
0.01%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 10, 2026

Yield to maturity
4.409%
Modified duration
1.086 yr
DV01
0.0109
Convexity
1.731
Dirty price
100.274

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 4 of twelve buckets, summing to 1.111 years against a modified duration of 1.086.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 1.61 cents per 100 of face.

That is 0.70 standard deviations from its own typical residual.

Yield to maturity, 215 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Oct 31, 2025Sep 10, 2026Oct 31, 2025Yield to maturity3.598%Nov 7, 2025Yield to maturity3.549%Nov 17, 2025Yield to maturity3.600%Nov 24, 2025Yield to maturity3.499%Dec 2, 2025Yield to maturity3.533%Dec 9, 2025Yield to maturity3.619%Dec 16, 2025Yield to maturity3.481%Dec 23, 2025Yield to maturity3.533%Dec 31, 2025Yield to maturity3.480%Jan 8, 2026Yield to maturity3.498%Jan 15, 2026Yield to maturity3.571%Jan 23, 2026Yield to maturity3.609%Jan 30, 2026Yield to maturity3.535%Feb 6, 2026Yield to maturity3.498%Feb 13, 2026Yield to maturity3.421%Feb 23, 2026Yield to maturity3.459%Mar 2, 2026Yield to maturity3.517%Mar 9, 2026Yield to maturity3.597%Mar 16, 2026Yield to maturity3.719%Mar 23, 2026Yield to maturity3.884%Mar 30, 2026Yield to maturity3.868%Apr 6, 2026Yield to maturity3.873%Apr 13, 2026Yield to maturity3.815%Apr 20, 2026Yield to maturity3.755%Apr 27, 2026Yield to maturity3.802%May 4, 2026Yield to maturity3.937%May 11, 2026Yield to maturity3.920%May 18, 2026Yield to maturity4.037%May 26, 2026Yield to maturity3.999%Jun 2, 2026Yield to maturity4.028%Jun 9, 2026Yield to maturity4.082%Jun 16, 2026Yield to maturity4.018%Jun 24, 2026Yield to maturity4.147%Jul 1, 2026Yield to maturity4.181%Jul 9, 2026Yield to maturity4.142%Jul 16, 2026Yield to maturity4.126%Jul 23, 2026Yield to maturity4.314%Jul 30, 2026Yield to maturity4.196%Aug 6, 2026Yield to maturity4.207%Aug 13, 2026Yield to maturity4.083%Aug 20, 2026Yield to maturity4.120%Aug 27, 2026Yield to maturity4.158%Sep 3, 2026Yield to maturity4.225%Sep 10, 2026Yield to maturity4.409%

Price history

215 trading days to Sep 10, 2026

99.099.299.499.699.8100.0100.2Oct 31, 2025Sep 10, 2026Oct 31, 2025Close99.813Nov 7, 2025Close99.906Nov 17, 2025Close99.813Nov 24, 2025Close100.000Dec 2, 2025Close99.938Dec 9, 2025Close99.781Dec 16, 2025Close100.031Dec 23, 2025Close99.938Dec 31, 2025Close100.031Jan 8, 2026Close100.000Jan 15, 2026Close99.875Jan 23, 2026Close99.813Jan 30, 2026Close99.938Feb 6, 2026Close100.000Feb 13, 2026Close100.125Feb 23, 2026Close100.063Mar 2, 2026Close99.969Mar 9, 2026Close99.844Mar 16, 2026Close99.656Mar 23, 2026Close99.406Mar 30, 2026Close99.438Apr 6, 2026Close99.438Apr 13, 2026Close99.531Apr 20, 2026Close99.625Apr 27, 2026Close99.563May 4, 2026Close99.375May 11, 2026Close99.406May 18, 2026Close99.250May 26, 2026Close99.313Jun 2, 2026Close99.281Jun 9, 2026Close99.219Jun 16, 2026Close99.313Jun 24, 2026Close99.156Jul 1, 2026Close99.125Jul 9, 2026Close99.188Jul 16, 2026Close99.219Jul 23, 2026Close99.000Jul 30, 2026Close99.156Aug 6, 2026Close99.156Aug 13, 2026Close99.313Aug 20, 2026Close99.281Aug 27, 2026Close99.250Sep 3, 2026Close99.188Sep 10, 2026Close99.000
The most recent 20 trading days of prices for 91282CPE5.
DateBidOfferClose
Sep 10, 202699.04799.03199.000
Sep 9, 202699.12599.12599.125
Sep 8, 202699.14199.12599.125
Sep 4, 202699.17299.15699.156
Sep 3, 202699.18899.18899.188
Sep 2, 202699.10999.09499.094
Sep 1, 202699.10999.09499.094
Aug 31, 202699.14199.12599.125
Aug 28, 202699.15699.15699.125
Aug 27, 202699.26699.25099.250
Aug 26, 202699.26699.25099.250
Aug 25, 202699.28199.28199.281
Aug 24, 202699.26699.25099.219
Aug 21, 202699.23499.21999.250
Aug 20, 202699.29799.28199.281
Aug 19, 202699.28199.28199.281
Aug 18, 202699.29799.28199.281
Aug 17, 202699.29799.28199.281
Aug 14, 202699.31399.31399.281
Aug 13, 202699.31399.31399.313

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 91282CPE5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2025Oct 31, 2025New issue$69.0bn$73.0bn2.59x3.504%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.